Primary market research entails getting answers directly from customers, fellow franchisees or suppliers. Interview a wide variety of franchise system representatives. Talk to current franchisees in several areas of the country as well as franchisees who have left the system. Ask them what their customers are like. What are their demographics? What are their favorite products, and why? Always use open-ended questions that encourage in-depth answers.
Secondary research should also play a role in your investigation. Secondary market research comes from published information such as census data, surveys and government statistics. Even the franchisor's audited financial statements can be considered secondary research.
The following three steps-plus four marketing elements you must consider-will help you investigate your intended market and determine demand for your franchise.